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>>> welcome to worldwide exchange. here are your headlines. the final set of numbers on the u.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in th
, that trade officials see challenges ahead. most recently, over solar panels. the u.s. has approved steep trade tariffs, a move officials here say could backfire and cost american companies this market. >> translator: someone asked me are you in a trading war with the united states? i said no. i hope we can sit down and discuss and try our best not to get involved in trade war. but i must say when others tackle businesses, i have to protect our businesses. >> policymakers also attempted to ease concerns about a brewing debt crisis here. >> translator: the bad loans have been on the rise this year, mostly due to the difficulties in management of some industries. but the overall bank as a quality stable and the risk is under control. ratio almost the same as that at the beginning of the year, far lower of the world's major banks. >> regulators and bank executives said that chinese banks have spread the loans across several different sectors including steel and solar panels help to go mitigate the risk, however there is still widespread concerns that overcapacity in several of those industri
advisers austan goolsbee on how the u.s. can avoid falling off the fiscal cliff. plus we'll take you live to tokyo with japan hit by election fever. the yen is falling as a repeated call for bold monetary easing. and we'll be live in new york 5:45 a.m. for a look at the u.s. retail sector. walmart and target getting set to release third quarter numbers. >>> chig that's ruling com uhe nus party has lifted the curtain. the unveiling seals so s xi jins rise. hu has seeded oig all powers and that's gives china's next leader a strong mandate. eunice has more for us this morning. it sounds like a pretty signature consolidation of power under xi. >> definitely is a consolidation of power. he'll get a very strong mandate as you had mentioned to run this country the way that he wants. he gets the three top titles, the most powerful are party chief, president as well as military commander. that is very significant because it allows him to have more control over his own agenda. when he went to meet the press this morning, he was looking very casual, looking a about folksy. when he was youtd lining t
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
for you. right. >>> research in motion may be losing another big u.s. customer. the national transportation safety board may switch from blackberries to apple's iphone. they have failed at inopportune times and the iphone would better link to the ipad. last month, the immigration and customs bureau switched to the iphone. you can see that we do have that stock price up about 8%, though, in u.s. markets yet. >>> still to come, i talk retail spending, online trends and holiday shopping with phillip green. plus, a rather well-known famous pop singing shopper. >> quality and it's comfortable. there you go. >> what's better than that? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on groupping at fedex office. >>> after nearly 12 hours of talks, the ecb and imf officials failed in their request to agree conditions -- officials did agree to meet again ne
about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have updates from beijing throughout the program as the new generation takes the first step towards leadership. >> and we're in london. talk to the ceo of wpp, martin sorrel. >> we discuss japanese banks. >> and the latest on cisco from silicon valley as the network equipment maker warns of slowing growth this quarter and some falling demand in europe. >> more than 2,000 delegates have cast their votes for china's new central committee, marking the end of the week long communist party. the world will have to wait one more day
the changes could mean. >>> welcome back. take a look at the u.s. equity futures. dow and s&p coming off their worst week since july 4th. you can see they are indicated higher, but maybe not the bounce you might have expected. the dow up 23. >> squawk sports new, texans beating the bears 13-6. foster finished with 102 yards rush and touchdown catch and texans intercepted cutler twice before knocking him out with a concussion. >> no comment about the jets? >> they lost. >> andrew, here's the deal. >> did you see rex ryan -- >> the giants won the super bowl last year. a lot of people have told him he's fat and he should shut up. he's not fat anymore. she just shut up. but sanchez, you brush up against him and the ball goes flying out. >> they've been going back and forth. >> when the giants are the defending the super bowl champions and they got their butts kicked by the bengals and the other game unbelievable is johnny football. texas a and m and alabama, that was unbelievable. alabama number one. texas a and m just joined the sec. and this guy johnny football, you just can't believe the
. >> an american team of top experts arrived shortly after the disaster, but they were largely stuck at the u.s. embassy. the japanese didn't think they needed the help. but the emergency was out of control, and the u.s. gave the japanese an ominous private warning. >> that if, you know, we don't expand the efforts, we'll require heroic work done that could be, you know, quite devastating for the workers. >> what do we mean by that? >> that means they could very well lose their lives. >> an official with the u.s. government told the japanese that "your people are gonna have to die save that plant unless you let us help you." >> yes. >> at one point during the week, the hazard was so great, the japanese took all but about 70 workers out of the plant. their problem is water. the systems that keep the radioactive fuel rods cool failed. the rods are partially melting, releasing radiation. and it's not just the reactors. there are also used fuel rods, essentially nuclear waste, stored in pools nearby. they're also losing water, and american experts fear that one of these pools is already dry. neshei
army had been stolen from the ministry of defense by the very people the u.s. entrusted to run it. >> that's a lot of money. >> it's one of the biggest thefts in history, i think. >> most of the iraqi officials involved, including the former minister of defense, have skipped the country, but we found one of his deputies vacationing in paris. if you went back to baghdad, you'd be arrested. >> uh, no. nobody will arrest me. they will kill me. [ticking] [camera shutter snaps] >> these surveillance photos were taken by undercover police officers while they watched a team of seven south american thieves clean out an old navy store. >> shirts at $22.50, and they got the whole rack. >> when police moved in to make the arrest, they found enough merchandise to fill a room. all taken in less than an hour without anyone inside the store noticing a thing. [ticking] >> we have never seen a problem of this size and magnitude in world history. >> now hang on. in world history. >> there's more counterfeiting going on in china now than we've ever seen anywhere. >> name an american brand. any brand
economists and business leaders say could send the u.s. economy back into recession. here we have an interesting divide between wall street and washington. wall street seems to believe and you can take a look at the numbers on how the market has acted over the past year. wall street seems to believe that we'll avert this cliff. washington seems to be willing to drive over the cliff. >> i think there's -- i don't want to pick on the tea party per se. you can say if obama would suddenly give in on taxes. what i worry about is there are people who are ideological in the country and more focused on other issues than taxation and money. those people i think are very much out of sync with other people as we discovered last night from the election. they could care less about the fiscal cliff. i think some people want to go over the cliff. >> howard dean last night, sam on "squawk" a couple weeks ago saying maybe it's the best medicine for us is to drive over this thing, go into a recession, provide some bed for growth in the second half of the year. it's a gamble. >> $5 trillion in cuts.
economics. back here in the u.s., reports from walmart and target. at 8:30, we get weekly jobless claims. october consumer price index. and the november empire state survey. in corporate news, bp expected to pay a record u.s. criminal penalty and plead guilty to criminal misconduct in the 2010 deepwater horizon disaster, a plea deal reached with the department of justice reportedly may be announced as soon as today. reuters says bp will plead guilty in exchange for a waiver of future prosecution on the charges. bp says it is in discussions, but no final agreement has been reached yet. >> fun to have you here today. we do hope mr. kernen get better very soon. he's not normally sick. >> he never calls out sick. so he must be really sick. >> i think there's a flu going around. >> convenient for all of us. i took chips out of his bag yesterday and now i'm -- >> who is the guy sitting in his seat? >> can we get some lie sole over here? >> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it
resigning. in a private hearing, he told lawmakers that he believed all along that the attack on the u.s. consulate in benghazi, libya was a terrorist strike despite how the white house initially portrayed it. of the scandal that led him to resign, petraeus expressed his regret about the circumstances of his departure but said nothing more. simon? >>> two major breaking stories right now impacting the oil market. there's been an explosion on an oil rig in the gulf of mexico off the coast of venice, louisiana. a company called black elk energy operates that rig. reports are that a worker may have cut a line with a settling torch. four people have been rushed to the hospital, two are reportedly still missing. so far we have no reports of oil actually leaking into the gulf. >>> meanwhile, also breaking right now, the u.n. nuclear agency says iran is about to double output of higher enriched uranium. now that is a material that can easily be turned, we're told, into a nuclear warhead. sharon epperson is following the oil impact on both of those breaking stories. sharon, over to you. >> brent
to 60 minutes on cnbc. i'm leslie stahl. by most accounts, the financial crash of 2008 pushed the u.s. economy to the brink of collapse. in its aftermath, some of the country's biggest banks received very big bailouts while large numbers of small local banks failed. this edition features a unique inside look at the seizure of a failed bank and a rare interview with one of the men at the center of the 2008 economic crisis and the recovery plan that has followed, the chairman of the board of governors of the federal reserve system, ben bernanke. plus, morley safer asks, "can america afford the lincoln penny?" well, we begin with bernanke. after the crash of '08, bernanke invoked emergency powers, and with unprecedented aggressiveness, he's thrown more than $1 trillion at the crisis. the words of any fed chairman cause fortunes to rise and fall, and so by tradition, chairmen of the fed do not do interviews. that is, until march of 2009 when ben bernanke sat down with scott pelley. >> mr. chairman, i'm gonna start with a question that everyone wants me to ask. when does this end? >> it de
. blankfein writes "there is more than a trillion dollars of cash sitting on balance sheets of u.s. non-financial companies. certain will increase their capital expenditures currently at anemic levels, contributing to a virtuous cycle of jobs and growth." minimizing increases in marginal rates that could stifle risk taking and robust growth. he also stresses the importance of restoring confidence in public finance by implementing spending cuts and revenue increases. in the meantime, dallas fed president richard fisher tells cnbc that the central bank can't do much more to shelter the economy. >> we need to completely reboot tax policy and spending policy. if we have temporary fixes to the fiscal cliff, just push out the envelope of indecision until we have a sense of true direction, and it's time for our politicians to get their act together. >> fisher says he does not view the fed as a safety net. that is certainly a change of perception, one that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews
. the obama administration saying that china's currency remains significantly undervalued, but the u.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee
for chapter 11. different news to digest. sales in the u.s., ford, gm, doing well. japanese automaker selling to china not doing so well. foreign automaker selling into china doing well at bmw. >> i think the suzuki thing mirrors what's happening at ford. >> i had an eye on one of their models. >> which one? >> the one with the four wheels. >> i have a harley in my garage. >> i'm not kidding. >> which garage is it by the way? do you even know? >> one of them is flooded. are you happy with that? >> is there a side car at leas.? >> i have tattoos all of the way up you just don't see them. suzuki blinking, ford, blinking, gm starting to blink. there's anti-globalization going on that we have to notice. some people say that i can't hack it in these markets. toyota was good. bmw was downbeat in terms of future. it wouldn't be something if everyone recognized what alcoa recognized. maybe it's too hard to be global. maybe it's too hard. go, suzuki was broken by the yen. it's hard to do business when you have these currency wars going on. >> how about kimberly getting out of diapers in europe? there'
at the ex-have a dax, up 5%. ftse up nearly 4% in the last week on top of pretty good gains for the u.s. markets as you know between 3% and 4%, as well. so no surprise perhaps today that we're a little bit weaker on the back of those gains. 8:2 just about decliners outpacing advancers. this is how it translates. ftse 100 down half a percent. xetra dax up a quarter. ibex down about half of 1%. a number of things going on in politics as ever. we had regional elections in spain. yields you can see slightly higher, but still well below 6%. now, these regional elections fairly important because we know catalonia has been pushing on on independence. now, it looks less likely we'll get that referendum, but not because people in catalonia are any less eager on a separatist movement. just that they didn't vote for the main guy who is proposing it. they voted for competitor party which is makes it slightly harder in the short term for them possibly to get a referendum going. so eases the pressure in the short term but means there is still a longer term problem there. catalonia is one of those reg
. china was down. they did have tremendously difficult comparisons. u.s. was also weaker. this was just not a good quarter. >> that's true. >> so ubs goes to neutral and trims estimates and cuts price target from 84 to 73. they say that deceleration is going into q-2. >> yum we're not that crazy about. chipotle. panera is a standout. this has been a terrific group. it lost its luster. entire quick serve contingent has become a place that people are worried about with the exception of highest value. panera. it's a decent stock. >> what's also surprising about what young came out with last month is they were talking about china. they weren't overly cautious about china. at the same time we've been getting better and better data points when it comes to china. economic data has been in fact turning. we haven't seen the stock market in china join and now we're not seeing it in yum. yum had once been the big multinational china play. if yum can't make it work, what other companies will we start to look at? will we look at nike or another multinational with a decent amount of growth from sales
see things that are happening not only in the u.s. but on a global basis. it would lead me to believe that the market could be up 10% or more next year. i would -- >> what are you seeing when you say you are looking around the world that makes you believe we'll go higher? >> i see several things. i see emerging markets have slurmd in the second half of the year. i think those are improving, specifically in china. i see the eurozone committed to economic stimulus through their monetary system in the ecb. i think that's very positive for that market. and in the u.s. here, i see employment getting better. i see clarity on the fiscal cliff next year and i see the housing market getting better around better and i think that's a positive. >> rick santelli, it wasn't just stocks rallying today. here in the u.s., europe had its best week of the year this week. the euro is at a three-week high. gold was very strong today. what's the market telling us right now? >> i think the market's telling us that there's a lot of bargain hunting and a lot of optimism towards europe. that made sense. i thin
-mails the recipient a digital itunes code. gifts are currentsly just available to tens of millions of facebook's u.s. users, but will be able as gifts rolls out broadly. this bolsters facebook's retail business tapping into digital content and subscriptions which are the fastest online growing retail category. facebook won't comment on the business model but presumably facebook gets a cut and it does of course benefit when users were more engaged on the site. today facebook shares rallied on a pair of analyst upgrades. this partnership gives apple access to facebook's users securing its position as the leading music distributor as it faces new competition from the likes of microsoft's xbox music, google music and amazon's cloud player. now of course, if facebook can convince more customers to hand over their credit card information using that itunes as a lure, that's of course a good way to get them to spend more money on facebook gifts down the line. >> thank you so much, julia. >>> now the countdown is really on. no pressure. the workers are going back to the office. they're thinking they're going
-fired power plants generating electricity in the u.s., and those plants produce 130 million tons of waste called coal ash. it contains concentrations of mercury, arsenic, lead, and other toxic materials. and as lesley stahl first reported in 2009, when coal ash is dumped into wet ponds--and there are more than 500 of those across the country-- the result can have an enormous health risk on the people living in nearby communities. >> we get about 48%, nearly half of the electricity in this country from coal. >> jim roewer is one of the top lobbyists for the power industry. >> coal is going to be around for a long time. >> and we really can't get rid of coal. >> we shouldn't get rid of coal. >> well, should or shouldn't, we can't, and coal makes waste. would you say that the industry has done a good job of disposing of the coal ash waste? >> we can do better. >> does that mean no? >> well, we had a kingston spill. >> that's kingston, tennessee, where, in december 2008, a giant retention pool of coal ash buckled under the weight of five decades of waste. >> all the power lines have been knoc
to fill their landfills up. >> we have 11 landfills in north america, two in canada, nine here in the u.s. a lot of that volume that we're getting into our landfills in the u.s. is from the oil and gas place, quite frankly. so our raeal focus to deal with drill cuttings, a lot of the drilling muds, processing waste on these drill sites. but we're also -- i would actively pursue remediation projects. large events or projects that are taking super-fund related clean up. that's a steady kind of business that we're working on. we continue to see that volume or business continue to be pretty steady and growing. >> as a staff at cnbc, we're really focused on the fiscal cliff. i know people are tired of hearing that term, but it's huge. is there super fund money that's cut dramatically because of this sequestrati sequestration? >> you know, the super fund hasn't really been reauthorized for years. the amount of money that's being spent directly by the government is really small. what we're working for are these prp groups, these responsible parties where they've collected moneys from people that
cuts that threaten to send the u.s. almost off a fiscal cliff. a sum met set for friday. i like the "new york times." democrats like a romney idea. >> did you see paul ryan's comment? >> no. but i got my button back on because i'm -- i'm going to tell that you rise above is kind of like a rorschach thing. because for me, rise above means democrats rising above the obsession with rates and realizing broadening the bates is better -- >> it means coming together. >> that is a way of coming together. you're raising revenue. your only way is if the republicans say yes -- >> no, that is not true. my way is anyway you come up with an agreement is a great way. you're only looking from one side of the aisle. >> but they'll never agree to raising rates about sfw. >> i will give you that it is a error sha rorschach test, but i want you to actually cut some things and i want you to deal with expenditures. >> you have the same house that said no to 39.6 on the high he said. but a way of raising revenue will spur growth -- they're coming around to the correct version right here. >> what about
. it is all about the u.s. this week. the tone for the most part has been negative this morning as you can judge from the red behind me. yes the uk pmi data came in weak, points to the country potentially in contraction territory despite the better gdp figures. some concern about greece. investors seem to be standing on the sidelines until a lot of these issues are resolved or at least there's more clarity. this follows reports over the weekend that some of the ways in which spanish banks borrow at cheap rates may not have been legal. the ecb says it's exploring the issue. one of the companies weighing on the foot city, hsbc which has said it is provisioning $1.5 billion against the laundering charges. group profit slightly disappointed investors. shares down 1.4% as a result the there. but that's really it in terms of the major corporate news. ubs going through a bit of a shake up. the bond wall expresses more of the mood we're seeing on the eve of the u.s. elections here. it's a rotation out of the periphery into the core. the gilts are benefiting. spain, italy seeing yields a little hig
. this isn't issue number one for the u.s. economic recovery has been unsatisfying. that's one area where wall street is hoping that's the way it would go under a romney president and probably will go that way. >> what about taxes? let's go through the two plans on taxes. this is one of the more important yishdz for wall street, whether it's capital gains taxes, dividend taxes, ordinary income. let's define each side here. todd? >> well, look, romney's been very -- he wants a tax-friendly environment, maria. he's been vocal about that. i mean, that's just the culture of the gop. but then these guys are the odd couple. you have president obama who clearly is talking about higher taxes for the upper class and also thinking, have you to look at those other taxes, health care taxes, for example, that will impact the middle class. you have a romney presidency, you can only assume we have will have a cut in taxes but we need to resolve this fiscal cliff issue. it's not just resolving the fiscal cliff, it's also a long-term plan up. don't want to have to go through this every 12 months, talk abo
. >>> clicks and profits, u.s. consumers are expected to spend at least $1.5 billion on this cyber monday. we'll run through the cyber winners and losers next. >>> here's another number. $5 billion, that's how much americans are expected to spend on christmas gifts for their pets this year. we'll talk to petsmart ceo in a cnbc exclusive about his company's share of this huge holiday booty coming up. >>> plus, flu shot or your job? 150 employees getting canned the day before thanksgiving for refusing to get flu shots. is that legal? stay with us. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. the potential of yelp unlocked. nyse euronext. unlocking the world's poten
pendley says he forged 4,000 bogus mortgage documents a day for major u.s. banks. and your previous experience in banking? >> none. [ticking] >> it started out as a mortgage crisis. then it slowly evolved into a credit crisis. now it's something entirely different and much more serious. >> this is a full-blown financial storm and one that comes around perhaps one every 50 or 100 years. this is the real thing. >> and much of what went wrong on wall street could be traced back to something called "credit default swaps." they were traded in a risky shadow market, and they were at the heart of the financial meltdown. [ticking] >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> meredith whitney was talking back in 2010 about a then- looming financial crisis involving state and local governments across the country. it was a debt crisis which some people believe could derail the recovery and require another big bailout package that no one in washin
not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on the balance sheets of u.s. nonfinancial companies with certainty about tax rates, companies will increase their capital expenditures currently at anemic levels contributing to a virtuous cycle of jobs and growth." if there was a disagreement as to whether this is becoming a mainstream story. story of "usa today," a giant cliff and inside a chart of how it will affect people. this is getting real. >> the editor of "usa today" is the single best print journalist going today. he understands what the pulse i
is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every time they say fiscal cliff, you drink. they're right, but it's absolutely what matters. >> look at the stock market. did you see today what it's going to do? >> down again. >> it was down over 100 yesterday and it couldn't hold up. supposed to be up 70 when were watching yesterday morning. indicated down again. and i
forces claiming to have targeted 100 gaza sites. the u.s. secretary of state hillary clinton is on her way to the middle east for talks with officials in a bid to try to end the deadly crisis. we've been watching oil prices, as well. and after sharp gains yesterday, you can see oil prices pulling back about 27 cents, still just about $89 for wti crude. we will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. >>> let's talk about some of the main market events of the morning. actually today fed chairman ben bernanke's speech at the economics sclub of new york is coming up at 12:15 eastern time. traders will be listening no any comments on the central bank's operation twist program and discussions about changing how the fed communicates about interest rates. operation twist expires next month. and there is some speculation the fed will continue making asset purchases by expanding the size of its $40 billion a month quantitate of it easing program. also on the economic agenda today, october housing starts released at 8:30 a.m. an
us a lot about the state of the consumer and the u.s. economy today. so we're turning to one of the most seasoned and respected voices on wall street for help. we have dana telsey. she is our guest host for the next three hours. andrew, i'll send it over to you. >> we begin with a visit to toyland and here is toys r us. it opened its doors at 8:00 last night. and we have toys r us ceo joining us right now from the company's flagship store in times square. good morning. >> good morning. >> so i read a report you you had a big line. what's it been like all evening? >> it's been great. we did have a big line. we're at 44th and broadway.line went all the the way to 45th street and then down 45th all the way to 6th avenue. it was huge. people came in in a real celebratory mood. people ate ice cream, relaxed with their kids. i've never seen a black friday like this before, but 8:00 hour worked really well for families. >> let's talk about sales. how did it go overnight? >> we're just starting. this is 5:00 a.m. on black friday morning. we're really just starting. we have about a b.
to go follow the united states while it lobbies for a reconsideration of the u.s. stance. the delay could push back the start of basel iii by about six months. the law was mepts ant to be pha in by the start of 2013. >> archstone was not part of the zell asset, was it? >> i feel like zell was related to it. >> but he sold right at the top. so that was part of the problem. it wasn't just a total lack of due diligence. i mean, everything was valued hire when archstone was first sold, right? >> yes. but as i'm looking at this, no, sam zell i do not believe was involved. >> that was the equity office and -- >> and then blab stone. but blackstone even though they bought at the top figured out a way to then sell pieces of it very, very quickly. and they did very well. >> entrade is no longer accepting u.s. customers citing legal and regulatory pressures. that announcement coming hours after the u.s. commodities regulators sued the exchange's owner alleging that it allowed unauthorized trading by u.s. customers, u.s. customers must close their accounts and withdrawal all funds by the end o
softer condition and background in europe politically. and i think improving conditions here in the u.s. for the consumer and for manufacturing and for gdp in general. our general background is pretty positive. >> great points there. sandy, what about you? you say regardless of who wins the election, the fiscal cliff would be either downsized or deferred. what does that mean? >> well, i think downsizing is more likely. have you to factor in the hurricane as well because that's going to be a half a percentage point decline as well, coupled with, you need to get that fiscal cliff down to 1% or maybe 0.5%. i think the downsizing has to be pretty substantial. they're either going to have to defer it to the new congress and either a new administration or the existing one, but they've got to get it downsized pretty substantially pretty quickly. and it's going to require, because of that gridlock we're going to have again, a bipartisan concurrence. that's going to be the test in 2013. >> chris, what do you think? how do you want to invest with $1.5 billion under management, how are you allocat
is not struck by the end. year, the u.s. economy would head back into recession, contract by half a percent in 2013. president is scheduled to make remarks on the cliff at 1 p.m. time. speaker boehner will address us. can the president say anything to make this whole week look like a dream? >> that's a tough one. what our lalt friend mark haines used to talk about, we need a capitulation, we need the answer, no, are you kidding? there was a congressman on "squawk" this morning say, yes, don't worry about it. when i hear that i say, no, it's not going to happen. we have to have them worry, as worried as we are. i still see this kind of grover norquist run republican party which would rather not have a tax increase and take the tit titanic down in the name of the country. >> viewers will say, wasn't wednesday a woosh? what qualifies a woosh at this point? in terms of the signs we've seen, isn't that qualified as a woosh. >> you open down and rally between 12 and 1. you get the 10 to 1 ratio. i'm just quoting mark haines. if you saw 20 to 1, you would say, you need to buy it. i need to see hai
allow the u.s. economy to fall off the fiscal cliff, 2 million jobs will be lost. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd
and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squawk box" follows the late presentation that we had yesterday. but it starts right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. and yes, we know it's only 5:00 a.m. on the east coast, but you don't have to double check your clocks. on the morning after election day, we couldn't wait until 6:00 a.m. to get back on the air. the american public handing president obama four more years in the white house. meantime, the balance of power stays the same in the senate. this morning, we have two main items on the squawk agenda. after months of handicapping the race, we'll find out how the global markets react to the decision and ask how you need to position your portfolio. we have a number of people on hand to help us with that task, including mike santoli. he is our guest the next hour. chuck gabriel, his job is to try to connect the dots between washington and investors. we have jeremy seigel. also, vincent rinehart. we'll be jo
markets closing at 1:00 p.m. eastern on friday. take a look at the u.s. equity futures. the dow is down by about 3 points. the s&p 500 is off by four. the nasdaq down by about 12. because of tomorrow's holiday, you do have the labor department coming out, releasing its weekly jobless claims numbers today. we get them a day early instead of a day late. also today we'll be getting weekly mortgage rates. and freddie mac will report on the weekly mortgage rate averages as well. >> let's talk about the top global market story this morning. it is greece's international lenders, which did not reach a deal, and now they won't be releasing that next bailout payment. nearly 12 hours of talks failed to reach a consensus. the imf and the central bank all going to gather again on monday to try again, but this is not necessarily good news at all. hostess brands will proceed with a plan to go out of business. the maker of twinkies says last-minute talks with the striking workers broke down yesterday, hearing with a bankruptcy judge set for 11:00 eastern time. then we have another string of bad news. >
. #. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to arou
that that is having on industrials commodities in particular. we have of course seen some optimism on the u.s. budget deal. we're also looking at the uptick in gdp data, but we're also watching some technical levels, we have been in this range of $85, $90 for true value. a moving average for copper, momentum in that commodity as well. gold holding it's own after that decline in the last session. right now we're looking at gold above the 1720 level. we'll also be keeping our eye on natural gas, we'll look at that inventory data. >> back to you. >> thank you very much. >>> as talks over the fiscal cliff continue, you will want to hear what republican senator rand paul had to say about deficit reductions and the controversial norquist tax pledge. >>> also ahead -- >> still to come, with the fiscal cliff getting closer. >> if i was involved in a negotiation like that and everybody was purporting to be where they are, i would say an agreement was reachable. >> former centr [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -
u.s. equity futures are down by about 21 points. s&p off by 3 1/2. and as we've been talking about daily, the looming fiscal cliff is a big piece of the market story. today barack obama is officially kicking off budget negotiations. at issue is a one-two punch. we have expiring bush era tax cuts and across the board spending cuts both set to hit in january. simpson and bowles with a warning to washington about what's at stake. >> if we get over on the cliff, we don't have a deal, and the market doesn't anticipate that we're actually going to be so stupid as to go over the cliff, then i think you'll see the market really crash and i think you'll see the rating agencies downgrade our credit again, you'll see fitch and moody's join s&p. i think you'll see corporations lose confidence. you'll see them slow down hiring, stop capital xebd churs, capital will go on on strike, it will be a hell of a mess. >> leaders of both parties think it would be to their advantage to go off the fiscal cliff. what a 12 straight that is, that we could win more as democrats if we let it go or we can win m
thanksgiving week, aside from the one disturbance in the central u.s. and the one other area off the carolinas, fairly quiet with the exception of the northwest coastline. that's where we're dealing with a lot of snow and a lot of rain. much of the snow over 7,000 feet. rain especially coastal oregon in some areas 7, 8 inches over the next few days. tuesday, still fairly quiet travel wise. wednesday, that persists in the northwest still remaining one of the trouble spots. thanksgiving, looking pretty good across a good stretch of the country. just a few showers up towards seattle. and as far as the numbers for friday are concerned, looking good there, as well. that may help some of the consumer numbers on black friday. >> why do you have a cool there for thanksgiving? i thought it would be fairly mild here on thursday. i heard low 50s. >> here we are in november, though. so cool, 50s. it's close to the averages. >> all right. just wanted to make sure. i was paying attention. supposed to be sunny and 50s. >> are you going to the parade? >> i'm going to try to go to the parade. we try to go ever
died in the u.s. as a result of sandy. most of them from new york and new jersey. still 5.6 million customers in the dark. and it may be ten days before the hardest hit areas sea power restored. more than 19,000 flights were canceled because of sandy, but stranded passengers have something to be thankful for. newark and jfk airports were back in business yesterday and delta and american airlines are scheduled to resume a limited number of flights out of laguardia in about 30 minutes. the mta is also getting back to business with new york city subways offering limited service starting today. the m tcta is waiving all fees until tomorrow. so good news there. >> we're looking for any good news so thank you. the eye of hurricane sandy has hit the jersey shore hard. it wiped away entire economies. president obama surveyed the damage with chris christie yesterday. this morning kayla tausche is in toms river, seaside heights. what's it look like there? >> reporter: it's very dark here. we're at the mouth of the bridge which leads over to sea sooid heights, a road only accessible by emergen
haven't made a payment that was ordered of you. >> ordered by who? by some guy? >> by a judge in the u.s. >> let's go to the hague. i'm appealing to the world court. >> they may appeal to the supreme court right here in the good old united states. >> let's see where that goes. i think argentina is a big country and if they want to, they can say, hey, nice to meet you. >> they can. >> right. >> if they want to get back into the capital markets to borrow money which is unclear if they want to at this point. >> what did you say on friday? >> they also have the money. they can make the payment. it's not as though they are distressed. >> you said they're not even borrowing. >> they're not. >> that's why i listen to your report. >> you did listen. i'm glad you did. >> it's amazing that 12 years after that default we're still talking about some of the ripple effects that's going back a ways. >> i thought it was an amazing story. >> we go back to the old citi saying countries don't go broke. >> remember shipley. tallest man in the world. good guy. a lot of good bankers. >> let's bring up old ban
entangled in the mess. he is the top u.s. commander in afghanistan, jeep john allen. eamon javers live in washington with details. >> reporter: well this scandal exploded on friday with the resignation of cia director petraeus. that one caught washington by surprise and then within the past 24 hours, the scape dal has got a whole lot big per, as you say, with now the involvement of the top general in afghanistan. let me walk you through who the players r it can be tricky to keep this cast of characters straight in your own mind. the woman at the center of this scandal seems to be jill kelly. she is a tampa socialite who volunteered at the air force base there and had some kind of relationship with jeep john allen involving e-mails. the fbi is apparently received 30,000 pages of e-mails between the two that were potentially inappropriate there. but kelly's relationship, whatever it was, with john allen, apparently also caused some concern with paula broadwell. broadwell is the biographer of general david petraeus, who has admitted now to having an affair with the cia director. that's br
. that was in the u.s. as of 8:00 p.m. on on monday october the 29th. we originally saw previous landfall. as we progress into the northeast for today, light snowfall and rain for today. but the bigger concern is what's happening with the system that will be diving across the country. it's going to take a nose dive south of the system that's actually produce rain and snow across the dakotas. it will eventually take a nose dive south. and what that will do, there we go, here's a look at some of our spotty showers as well as our snowfall. again, a little bit of being a tip weather still knocking on the door of the northwest. here's a look at that system that i was telling you about. again, that will produce 1 to 4 inches of snow into portions of the dakotas as well as knocking on the door of northwestern minnesota. our storm system once it does track a little further east on sunday, things getting a difference from southeastern texas all the way up in to north carolina. now, as for those of you who are keeping tabs again on the weather across the middle east, the bitterly cold temperatures as we g
creation? >> well, from a corporate standpoint, yes, maria, because most u.s. corporations are sitting on cash. as you saw profit margins hitting all-time highs. they're clearly not hiring a lot. at the end of the day, this whole economy and the stock market is about jobs. the market could be up even more if we start to see some job creation, but we can't be bidding stocks higher unless we start to see some in flows from our private client friends, who by the way, don't buy bond funds. we still think there's a lot of work to do on the investment side in terms of building further fundamental clarity with respect to the option of buying equities versus selling them. >> so you're not jumping on this bandwagon today, this rally we're seeing here? >> no, for one thing, we are just relieved that all of this election stuff is over. that's number one. number two, let's get back to the business of america and stocks going up in america as an asset looking very well on a longer term perspective. however, on a near-term basis, the market in our belief is well ahead of historical norms in terms of
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